Why Is Torrid (CURV) Stock Rocketing Higher Today
What Happened:
Shares of women’s plus-size apparel retailer Torrid Holdings (NYSE:CURV) jumped 11.5% in the morning session after the company reported a "beat and raise" quarter. Third-quarter results surpassed analysts' revenue expectations, with the company highlighting notable improvement in both in-store and online traffic on a sequential basis. This positive trend indicates strong momentum as we approach the holiday season. Looking forward, the company not only raised its full-year revenue guidance but also increased projections for adjusted EBITDA, surpassing Wall Street's estimates for both metrics. Lastly, the company announced the promotion of Paula Dempsey to the role of Chief Financial Officer. Dempsey has served as interim CFO and Senior Vice President of Investor Relations since May 2023. She joined the company in January 2023 with a background as Senior Vice President of Corporate Finance at Mattress Firm. Zooming out, this was a great quarter that shareholders will appreciate.
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What is the market telling us:
Torrid's shares are very volatile and over the last year have had 65 moves greater than 5%. But moves this big are very rare even for Torrid and that is indicating to us that this news had a significant impact on the market's perception of the business.
Torrid is up 66.6% since the beginning of the year. Investors who bought $1,000 worth of Torrid's shares at the IPO in June 2021 would now be looking at an investment worth $207.01.
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